Usually my inlaws and I trade off on buying turbo tax (5 free efiles!). They already bought turbo tax (deluxe edition). However, last year was the first year I had ownership in our company (treated as Scorp). I probably need an upgraded version of turbo tax right? Is there a way I can upgrade their version so I don't have to pay for a full version?
Any thoughts would be greatly appreciated.
An S Corp tax return, Form 1120S, can only be completed and filed using the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online. The Business Edition cannot be used to complete a personal tax return.
Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/
The business will be filed with the 1120S, but we receive a K-1 for our personal taxes. I am talking about my personal taxes.
A Schedule K-1 can be entered on any of the TurboTax desktop CD/Download editions.
To enter a Schedule K-1
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Business Items (Business Investment and Estate/Trust Income using Home and Business)
- On Schedule K-1, click on the start or update button
Or enter k-1 in the Search box located in the upper right of the program screen. Click on Jump to k-1
Cool. So we will not need to upgrade to premier? I thought I read last year that premier was needed and you couldn't use deluxe. Did that get changed this year?
What you were probably reading was for the TurboTax online web-based editions. Those editions do require the Premier or Self-Employed edition to enter a Schedule K-1.
The desktop editions have all the same forms, schedules and worksheets so any of the desktop editions can be used to enter a Schedule K-1.